Bend, OR , Aug. 30, 2016 (GLOBE NEWSWIRE) -- Signal Bay, Inc. (OTC PINK: SGBY) a leading provider of cannabis consulting, operations, and laboratory services announced today its intention to purchase a fifth cannabis testing laboratory located in Portland, Oregon. This comes just days after announcing a fourth laboratory purchase in Northern California.
CEO William Waldrop said, "We stated in an earlier press release that we had hired Ronnie Schmidt, a former General Manager for multiple Portland area dispensaries as a Sales & Marketing Director. He brings a wealth of experience to the table and a vast network of business contacts in the Portland market. In conjunction with that strategic hire, we had planned to process any and all accounts established by Ronnie through our existing facilities until such time that we could open the doors on an entirely new location in Portland. As of today, that plan has changed significantly for the better.”
Mr. Waldrop stated, "Today we ramped up our plans for growth by signing a letter of intent to purchase an already existing testing facility in Portland. With this one strategic move, the 90-120 day window we had in place for opening a facility in this market has virtually been eliminated. This acquisition also adds hundreds of already existing accounts to the Signal Bay portfolio. Add Ronnie Schmidt to the mix and all of this combined has us convinced that we are going to capture significant market share in Portland and the surrounding communities.”
Signal Bay operates state-of-the-art testing facilities and offers accredited testing methodologies that ensure the safety and potency of the nation's cannabis supply. As the legalization of medical and recreational marijuana continues across the country, demand for reliable cannabis testing facilities is increasing.
Mr. Waldrop finished up by stating, "This particular business is already working with ORELAP towards state accreditation so that was a positive sign for us, but there are four other key factors we take into consideration when deciding whether to acquire an existing lab. One is how well the existing management team will blend in with our existing team and begin contributing to the organization. We feel confident and frankly very excited about having this particular group join us and we feel that this one will also be a seamless transition. Two is the level of experience, ethics and integrity as viewed by their existing clients, of which they received multiple positive reviews. Three is opportunity for revenue growth and cost savings, both of which can be realized through this acquisition. And four is the passion of the employees and culture of the organization. They’re all just good people; hard working and passionate about what they do. This move is a win-win for all parties involved, including our shareholders. We will have more to come on this transaction very soon.”
About Signal Bay, Inc.: Signal Bay, Inc., through its subsidiaries Signal Bay Research, Signal Bay Services and EVIO Labs, provides advisory services, operational management and analytical testing services to the legal cannabis industry. Learn more at SignalBay.com or the company can be reached directly @ 1-888-544-EVIO.
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Source:Signal Bay Inc.